In Pursuit of Profit - Blog

What Type of Business Intelligence Support Should be Expected from Accountants?

10/16/2018

What Type of Business Intelligence Support Should be Expected from Accountants

Most business owners and leaders have been a part of the growing conversation around expanding business intelligence (BI) capabilities. They understand that their businesses possess a gold mine of data that can be tapped into using BI methods to increase production efficiency, sell to consumers more effectively, capitalize on market opportunities, improve product outputs, and sustain growth.

Overcoming Budgeting Problems to Improve Strategic Budget Management

9/26/2018

OVERCOMING BUDGETING PROBLEMS

In most organizations budgeting is an exhausting process. Ensuring the right people are included, timely and thorough budget requests are submitted, and strategic planning drives the entire process is time-consuming and expensive. In fact, the Ford Motor Company estimated that budgeting and planning costs about $1.2 million annually.

Closing the Books for Businesses That Are No Longer Operating

8/28/2018

Closing the Books for Businesses That Are No Longer Operating

When preparing for business operations to cease, there are numerous factors to consider, including closing the books. Ensuring the final close is done accurately is crucial for protecting financial interests and complying with business regulations.

What do you Need to Reconcile a Bank Statement?

8/8/2018

At its most basic level, a bank reconciliation only requires two items – what is being reconciled and what it is being reconciled against.

Since bank reconciliations are account-specific, this requires obtaining current records of cash totals that should be present for a single account only.

How Often Should you do a Bank Reconciliation?

7/31/2018

The most common question we hear is “What is a bank reconciliation?” followed immediately by “How often do I need to do a bank reconciliation?”

Overstretched bookkeepers and accountants as well as owners and employees wearing many hats tend to de-prioritize the need for regular bank reconciliations because the process can be time consuming.

Record Keeping Requirements for Washington State

7/18/2018

Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns.

Comparing Traditional Accounting Software vs. Cloud Accounting Software

4/19/2018

More businesses are making the switch to cloud accounting. To be sure, Founder and CEO of Saugatuck Technology Bill McNee has made the claim that by this year, “over 60 percent of enterprises will have half or more of their infrastructure on cloud-based platforms.”

How to Adjust Business Drivers When Off Course

3/9/2018

Regardless of whether your company is seeking to make it past the startup phase, strengthen its competitive position, or achieve some other goal, having a plan is a vital step in achieving organizational objectives.

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